The Basic Chemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Basic Chemicals Global Market Report 2024, The basic chemicals market size has grown strongly in recent years. It will grow from $675.35 billion in 2023 to $713.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to consumer goods manufacturing, oil and gas industry development, growth in healthcare and pharmaceuticals sectors, world war periods, environmental regulations.
The basic chemicals market size is expected to see steady growth in the next few years. It will grow to $864.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to green chemistry, renewable resources utilization, circular economy initiatives, energy transition and clean technologies, digitalization and industry 4.0. Major trends in the forecast period include customization and tailored solutions, focus on safety and risk management, circular economy implementation, health and personal care chemicals, advanced materials development.
The demand in the food and beverage industry is expected to propel the growth of the basic chemicals market going forward. The food and beverage industry refers to a broad and complicated sector that includes several operations related to the production, processing, packaging, distribution, and retailing of food and drink items. The food and beverage industry uses basic chemicals as additives such as flavorings, thickeners, sweeteners, colorants, or preservatives. For instance, in June 2022, according to USDA Rural Development, 2021 Highlights, a US-based agency under the United States Department of Agriculture, there were food and beverage (F&B) sales of $467.20 billion in 2021. Moreover, in December 2022, according to Kirin Brewery Company Limited, a Japan-based beverage company, there were 185.60 million kiloliters of global beer consumption in 2021. Therefore, the demand in the food and beverage industry is driving the growth of the basic chemicals market.
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The basic chemicals market covered in this report is segmented –
1) By Product Type: Organic, Inorganic
2) By Application: Fiber, Rubber, Fertilizers, Soaps And Detergents, Adhesives, Building Material, Other Applications
3) By End-Use: Chemical Industry, Food And Beverages, Textiles, Pharmaceuticals, Pulp And Paper, Polymer, Other End-Uses
Product innovations are a key trend gaining popularity in the basic chemicals market. Major companies operating in the basic chemical market are innovating new products to sustain their position in the market. For instance, in January 2022, Evonik Industries AG, a Germany-based specialty chemicals company, launched an ELATUR DINCD plasticizer for basic chemicals. ELATUR DINCD plasticizer is a cyclohexanone with excellent UV resistance and low-temperature flexibility. Due to its low viscosity, it is simple to process. It is exceptionally well suited for demanding exterior and interior applications, including textile fabrics, roofing membranes, floor coverings, adhesives, sealants, paints, and coatings.
The basic chemicals market report table of contents includes:
1. Executive Summary
2. Basic Chemicals Market Characteristics
3. Market Trends And Strategies
4. Basic Chemicals Market analysis
5.Basic Chemicals Market Size And Growth
6. Basic Chemicals Segmentation
7.Basic Chemicals Regional And Country Analysis
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27.Basic Chemicals Competitive Landscape And Company Profiles
28.Basic Chemicals Key Mergers And Acquisitions
29.Basic Chemicals Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Reliance Industries Limited
- BASF SE
- Saudi Basic Industries Corporation (SABIC)
- LyondellBasell Industries Holdings B.V.
- China National Chemical Corporation (ChemChina)
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